Filing Flows › Wabash National (WNC) › Q3 2025
Wabash National (WNC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Wabash National (WNC) reported revenue of $382M for the third quarter 2025 (Q3 2025), -18% from a year earlier and -17% from the quarter before. Operating margin was 15.1%, net earnings $40.0M (10.5% of revenue).
Wabash National, Q3 2025: revenue $382M (-18% year over year), operating margin 15.1%, net earnings $40.0M, operating cash flow $85.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $382M | -17% | -18% |
| Gross profit | $15.7M | -62% | -72% |
| Operating profit | $57.6M | — | — |
| Net earnings | $40.0M | — | — |
| Operating cash flow | $85.2M | — | +99% |
| Free cash flow | $79.9M | — | +183% |
What changed
Revenue was $381.6M in Q3 2025, down 18% year over year and down 17% from the previous quarter. New trailers was the largest line at 64% of revenue. New trailers lost $61.4M year over year (down 20%), 74% of the total change.
Gross margin was 4.1%, down 8.0 points from a year earlier. Operating profit was $57.6M, a 15.1% margin (up 108.4 points year over year). Net earnings were $40.0M. The effective tax rate was 22.5%.
Operating cash flow was $85.2M (up 99% year over year), 213% of net earnings. Non-cash charges added back $14.6M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $27.3M. Capital expenditures of $5.3M left free cash flow of $79.9M.
Questions
What was Wabash National's revenue in the third quarter 2025?
Wabash National (WNC) reported revenue of $382M for the third quarter 2025 (Q3 2025), -18% from a year earlier and -17% from the quarter before.
Was Wabash National profitable in the third quarter 2025?
Operating profit was $57.6M (15.1% of revenue) and net earnings $40.0M.
Source: Wabash National 10-Q on SEC EDGAR.